When you hear the name Warren Buffett, what’s the first
thought that comes to mind?
If you’re aware of his credentials, my guess is it’s something related to stocks or business success …
And rightfully so.
The multi-billionaire is an investing genius.
However, let me give you another thought to consider about Buffett -- a characteristic that isn’t talked about all that much.
You see, from a marketing
perspective, Buffett is also a master persuader. He understands how to establish trust and get people to take action.
You could argue this is one reason why so many people have followed his advice for decades.
To prove this point, let me share with you a brief excerpt from one of his shareholder letters. Closely read the following and try to pick out the persuasion principle he’s
using:
“A few, however, have very poor returns, the result of some serious mistakes I made in my job of capital allocation. I was not misled: I simply was wrong in my evaluation of the economic dynamics of the company or the industry in which it operates.”
Did you catch the technique?
Buffett is disarming readers by admitting mistakes.
Of course, because
he’s being so honest, he’s establishing trustworthiness.
“The highest type of authority communicator is not just one who is knowledgeable or an expert in their arena -- it’s one who is trustworthy and knowledgeable,” says Robert Cialdini, noted social psychologist and author of the groundbreaking book, Influence: The Psychology of Persuasion.
The fact is, once you hear Buffett reveal mistakes, anything that follows
immediately becomes more believable …
And all he’s doing is telling the truth.
Simple concept, isn’t it?
Too often we fall into a trap of only trumpeting the greatness behind our product or service. When it’s the faults that humanize a brand and create credibility.
So here’s your action step:
When you want to highlight a strength
in your marketing, work in a weakness beforehand every once in awhile.
You’ll make your message more believable and build trust that will benefit you in future communication.
Talk soon,
Tom
P.S. Lately, I’ve been working on several campaigns to bring back clients’ lost prospects -- people who inquired about a product/service but didn’t move forward. These campaigns are among the quickest ways
to generate revenue that would otherwise go to your competitors.
If you have a list of prospects who have turned cold, or you frequently stop hearing from people who inquire about your business, let me know (just reply back). You may be missing out on some easy
profits.